I’m currently reading a book by Jason Jennings & Laurence Haughton, titled “It’s not the BIG that eat the Small…it’s the FAST that eat the SLOW – How to Use Speed as a Competitive Tool in Business”. It’s a fascinating book.
In Part 2 of the book they discuss Fast Decisions…
“Fast thinking won’t get you very far unless you’re able to quickly process your thoughts and make a decision. Nothing slows down an organization more than paralysis by analysis – the inability to make even the smallest decisions quickly.”
And when reading this paragraph, it made me think of the road blocks that so many of the Gen Y real estate agents are facing each day due to committee meetings & old-school methods being used by lots of agents and the frustration some young agents are experiencing.
Whilst I’m not taking anything away from the wealth of knowledge that the Baby Boomers & Gen X agents can share with the Gen Y agents ( I”m a Gen X agent myself), but the slow uptake of real estate technology & Social Media that exists within our industry means that in many offices Gen Y agents are sent out into the field to do time consuming, ineffective hit & miss ”old school” prospecting to build networks.
Gen Y are the greatest networking generation ever.
As a kid growing up my friends either lived in my neighbourhood or were classmates,etc from school. Whereas, Gen Y have hundreds of friends online from all over the place. As I said before, they are the greatest networking generation ever and yet some agencies won”t even let Gen Y agents use a computer.
C”mon!! We are talking about a generation who were literally born with an email address and a mouse in their hand.
If only you could see what I”ve seen some Gen Y agents doing you would be blown away…
The leverage that some Gen Y agents are applying to real estate sales has to be seen to be believed.
They use the internet & Social Media to do a task once and then leverage marketing strategies around that task or use other marketing tools (eg. Personal Profile Video, Blogging, Facebook Fan Pages, etc).
It”s time that Baby Boomer & Gen X agents sat up and took notice of what can be done.
This year Gen Y will out-number Baby Boomers for the first time in history and for the older, more experienced agents, there will need to be a significant shift in thinking & marketing strategies to ensure that they remain relevant within their marketplace and find ways that they can deliver a more streamlined approach to help retain high performing Gen Y agents and at the same time make sure they appeal to the ever growing Gen Y customers.
When you think about it, this is the first time in history where parents have had to ask their kids how to do things. Like, how do I program my new phone, how do I do certain things on the computer, etc, etc, etc? And, this same situation is now happening within real estate agencies & other businesses throughout the world.
Bosses are recruiting to fill in the gaps for their weaknesses in technology, but in the main they aren’t seeking the knowledge required to ensure that they have a better than basic understanding of how online real estate marketing really should work.
This means that operating systems within the agency are developed around old methods which normally make things less efficient and leads to frustration from employees and customers.
I understand, for a lot of agents, learning about computers is one of the last skills sets they are interested in learning.
I’m not suggesting agents need to turn into computer geeks, but they need to get a basic understanding of why web 2.0 is important and the psychology of the internet and embrace internet marketing strategies so they can use them to leverage their time & resources more effectively.
Plus, at the same time, find ways that they can use technology to deliver a better end user experience so that customers will want to deal with that agency and/or recommend them to their friends.
It”s not enough to have your listings uploaded to the major portals, having a company website and database software. you need to understand why customers aren”t doing business with you & what you can do to build more trust over the internet and use strategies that help to convert website visitors into clients on an ongoing basis, 24/7.
I feel disappointed when I hear about good young agents leaving our industry or going out on their own simply out of frustration and a lack of vision from their leader.
I know of a number of agents who have left companies simply because they felt held back due to lack of vision from their boss and have ended up opening up an agency down the road as competitors. Which is something that is becoming easier & easier for agents to do, especially with the emergence of virtual agencies & the current National Agency Licensing regulations.If an agency wants to move forward and retain their Top Performing Gen Y agents, they really should sit down and spend time listening to some of the ideas of the Gen Y agents rather than sticking in the comfort zone of “this is how I did it when I started out in real estate so that’s the way Gen Y agents should do it too.” (Wrong)
If agents continue doing the old things they will simply frustrate the good new recruits out of the industry and end up employing a team of people who lack innovation, inspiration and will find themselves heading down the wrong track where there is only a dead end.
Gen Y’s love being part of a fast thinking business that embraces change.
Step out of your comfort zone and don’t hold your Gen Y’s back and stop killing off their enthusiasm by using those boring ‘old school’ strategies that all your competitors have all gone back to doing simply because that’s all they know.
Look for new and exciting ways. Innovate, Inspire & Embrace Change Faster.